Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


Malbros Holdings P. Ltd. v. ITO (2024) 114 ITR 25 (SN)(Delhi)(Trib)

S. 37(1) : Business expenditure-Amortisation of expenditure-Roc fees for share application money amortised over five years-Allowable as deduction.

Global Tech India P. Ltd. v. ITO (2024)114 ITR 59 (SN)(Ahd)(Trib)

S. 37(1) : Business expenditure-Capital or revenue-Product development expenses-Project dropped and expenses written off-No new software in existence and no enduring benefit-Allowable as revenue expenditure.

ACIT v. Ludhiana Beverages P. Ltd. (2024) 114 ITR 81 (SN)(Amritsar)(Trib)

S. 37(1) : Business expenditure-Entertainment expenses-Major expenses are through banking channel-Rebates and discounts-Revenue cannot decide what constitutes reasonable expenditure-Enterprise resource planning software expense-Capitalised in books of account-Allowable as revenue expenditure, though the claim was not made in the original or revised return-Advertisement expenses-Purchase of Ice boxes, plastic tables and chairs, bearing logo-Allowable as business expenditure. [R. 46A]

ACIT v. Jindal Poly Films Ltd. (2024)114 ITR 72 (SN)(Delhi)(Trib)

S. 37(1) : Business expenditure-Payments to contractors for packing, loading and unloading-Opportunity of cross examination is not given-Disallowance is deleted.[S. 153A]

ACIT v. First Advantage P. Ltd. (2024)114 ITR 45 (SN) (Mum)(Trib)

S. 37(1) : Business expenditure-Software licence expenditure-Allowable as revenue expenditure.

Intas Pharmaceuticals Ltd. v. ACIT (2024)114 ITR 546 (Ahd)(Trib)

S. 37(1) : Business expenditure-Capital expenditure of intangible nature accounted as capital work-in-progress-Matter remanded for verification. [S. 32]

Intas Pharmaceuticals Ltd. v. ACIT (2024)114 ITR 434 (Ahd)(Trib)

S. 37(1) : Business expenditure-Capital or revenue–Share issue expenses-Transfer of funds from accumulated profit to share capital-Allowable as revenue expenditure.

Intas Pharmaceuticals Ltd. v. ACIT (2024)114 ITR 434 (Ahd)(Trib)

S. 37(1) : Business expenditure-Funds raised by issue of debentures-Allowable as deduction.

Intas Pharmaceuticals Ltd. v. ACIT (2024)114 ITR 434 (Ahd)(Trib)

S. 37(1) : Business expenditure-Interest on capital borrowed-Advances and loans to Associated enterprises-Advances Converted to equity in subsequent year not rendered quasi capital unless conversion made at time of grant of loan-Matter remanded to the CIT(A) [S.36(1)(iii), 92]

Hindalco Industries Ltd. v. Dy. CIT (2024)114 ITR 502 (Mum)(Trib)

S. 37(1): Business expenditure-Capital or revenue-Expenditure-Disallowance on percentage basis-Disallowance on estimate basis is not proper.